LEDG Capital has completed a $5.5 million renovation of a 76-unit affordable housing development in Kannapolis, North Carolina.
The 11-month rehabilitation of Kimberly Ridge Apartments included updating kitchens, bathrooms, and lighting fixtures, and installing energy-efficient heating and cooling systems in all units. The team also replaced roofs and repaired siding, gutters, and parking surfaces.
Six apartments were modified to meet accessibility standards for the mobility impaired, and seven market-rate units were converted to affordable housing.
“This property offers one-, two-, three-, and four-bedroom apartments, making it a vital source of large family units for a range of households needing affordable homes in the rapidly growing suburbs around Charlotte,” said Matthew Kassel, senior director of development for LEDG Capital. “We are grateful for the opportunity to partner with the North Carolina Housing Finance Agency (NCHFA) to preserve and improve the community for decades to come.”
The effort was supported by a new 20-year Housing Assistance Program contract and low-income housing tax credits (LIHTCs), ensuring that all units are available to households earning up to 60% of the area median income.
“The successful renovation of this property serves as a model of what can happen when affordable homes are preserved,” said Scott Farmer, executive director of NCHFA, which provided the LIHTCs. “The agency is proud to be involved with this project to ensure these apartments remain safe and affordable places for residents to call home.”
CREA was the housing tax credit syndicator, and Merchants Capital served as the lender.
River City Affordable Housing, a St. Louis nonprofit that works with developers to provide affordable housing and social services, acted as general managing partner and helped secure a real estate tax exemption to safeguard the community’s affordability.
Other partners included Langerman Construction and Benton Design Group.
Founded in 2018, LEDG owns close to 8,000 units in 14 states.